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The new regime for non-resident capital gains tax

KEY POINTS

  • New rules from 6 April 2015 render non-residents who dispose of UK land liable to capital gains tax.
  • Off-plan purchases are included in the definition of dwelling.
  • Calculating the chargeable gain may require an April 2015 valuation of the land.
  • HMRC must be notified of a disposal within 30 days of the conveyance.

Even before the April 2015 changes any type of chargeable UK asset disposed of by non-resident individuals and other entities could be liable to capital gains tax.

The new rules from 6 April 2015 will catch disposals of UK residential property by non-resident companies and individuals. This article looks at the current and new rules.

All references are to TCGA 1992 unless indicated otherwise.

Regime before 6 April 2015

When a taxpayer is UK resident...

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